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Record pension expenditures are not always influenced by actuarial computations.
Hayward City maintains a defined benenfit pension plan for its employees. In a recent year the city contributed $5million to its pension fund. However, its annual pension cost as calculated by its actuary was $7million. The city accounts for the pension contributions in a governmental fund.
1. Record the Pension expenditure in the appropriate fund.
2. Suppose in the following year the city contributed $6 million to its pension find, but its annual cost per actuary is only $5million. Prepare the appropriate journal entries.
Discuss the efforts made toward convergence of International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (GAAP) on the financial performance reporting by business enterprises.
What are examples of irregular items? How does a change in accounting principles affect the financial statements? Who in the company is responsible for the application of a change in an accounting principle? Why?
The budgeted unit sales of Haerve Company for the upcoming fiscal year are provided below: Prepare the company's selling and administrative expense budget for the upcoming fiscal year.
Calculate the gross wages of each worker for Week 4. Show clearly the basic pay, overtime pay and bonus pay; Using the answer in (a), analyze the total gross wages of the workers into Direct Wages and Indirect Wages;
The constraint at Bulman Corp. is time on a particular machine. The company makes three products that use the machine. Data appears below:
Marketing share of mechanical watches where at an all time low of 5%. Research so far has indicated that the watches tend to fail three tests frequently and you need to recommend machines that need to be upgraded because they may be responsible fo..
Damons uses the allowance method to account for uncollectible receivables. At the beginning of the year, allowance for doubtful accounts had a debit balance of $100. During the year you recorded bad debt expense of $1,800 and wrote off bad receiva..
Examine Footnote 8 to Foot Locker's consolidated financial statements (Other Current Assets). Notice that included in this total is "net receivables." Ending net receivables for 2006 (beginning balance of 2007) were $59 million.
If a Perpetual bond yields 5% and makes an equal payment each year; which has the longer duration - a perpetual bond or a 15-year zero-coupon bond?
Summarize your ideas about internal controls. An introduction to internal controls, explaining in your own words the two primary goals of internal control. A description of how the Sarbanes-Oxley Act of 2002 has affected internal controls
Should intangible assets always be amortized over their legal lives? Explain. What are the basic issues related to accounting for intangible assets?
Which is better, statistical sampling or non-statistical sampling? Why? Should Generally Accepted Auditing Standards prescribe specific risk levels that auditors must use? Why or why not?
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